PPI May Have Been Incorrectly Sold
When it comes to taking out insurance and providing a little bit more protection through payment protection policies, most people will be happy enough to do this. No one knows how the future will pan out and even though it would be hoped that there will be no need to cash in on an insurance policy, having the policy just in case is a sensible decision. Some insurance plans and policies are more important than others, however, and you cannot have failed to notice a lot of talk and discussion about PPI in recent times. This sort of insurance (Payment Protection Insurance) is commonly associated with paying back loans, mortgages, credit cards, store cards and other financial related payments.
The reason that there is so much talk about PPI is down to the fact that many people have been mis-sold the insurance over the past few years. There are numerous reasons why this may have taken place but there is a growing movement towards reclaiming the money that was spent on the insurance and this has come about as a piece of good news for many people. If you have taken out any sort of financial agreement in the last six years, it is important to re-check the terms and conditions to see if you may have a case to put forward.
In many cases, it appears that PPI was not mentioned or offered to a customer but it was added to the overall bill anyway. This can be quite troubling but it is easy to see why some people would just accept the payments that come out of a bank account every month. Most people are trusting when it comes to these agreements and it may well be that an additional element of payment is being taken for insurance which was never part of the agreement.
Another problem surrounding the use of PPI is the fact that some people would have been informed that taking out the insurance was compulsory. This is certainly not the case, nor is it true that the chances of a loan application being more successful were dependent on this additional policy being taken. These are serious breaches of what is allowed to be claimed during the selling of insurance in relation to payment plans and if this was part of the conversation when agreeing the deal, it is likely that the insurance has been mis-sold. It is easy to see why so many people would believe what they were being told, so it is important that people go back and check their policies or any information provided to them at the time of agreement.
It is not the case that everyone who has taken out PPI has been mis-sold the product, so people should not necessarily believe they are due anything back. However, it is definitely true to say that many mistakes and errors were made in selling this form of insurance over the past six years. It doesn’t take much time to look over any policies or financial agreements and who knows, you ma y be eligible to reclaim the sums of money spent.
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